Pakistani Traders on Strike Against Soaring Cost of Living

ISLAMABAD (AP) ÔÇö Pakistani traders on Saturday went on strike against the soaring cost of living, including higher fuel and utility bills and record depreciation of the rupee against the dollar, which has led to widespread discontent among the public.

The traders pulled their shutters down across the country, while protesters burned tires on roads to express their anger.

The Situation

The strike was called by ex-senator Sirajul Haq, who heads the religious political party Jamaat-e-Islami, and it was largely endorsed by trade and business bodies, market associations, lawyers associations, and transporters. The countryÔÇÖs commercial and economic hub, Karachi, was almost completely closed and vehicle traffic was thin on roads, with all markets and shopping centers closed.

In the eastern city of Lahore, the capital of Punjab province, all the main markets were closed for the day, lawyers remained out of courts and intercity and local public transport werenÔÇÖt operating. The northwestern city of Peshawar and southwestern city of Quetta were partially closed.

The Impact of Inflation

PakistanÔÇÖs annual inflation rate was 27.4% in August, according to data released by the state-run Bureau of Statistics. Pakistan was on the verge of default before securing a lifeline deal with the International Monetary Fund. As part of the conditions for the bailout package, Pakistan was required to reduce subsidies that had been in place to cushion the impact of rising living costs. This likely contributed to the increase in prices, especially energy costs.

Mohammad Sohail, a prominent economist and head of Topline Securities, said that in spite of the IMF program Pakistan is going through a challenging time. He said the government is trying to implement the painful IMF-dictated reforms while political polarization is affecting sentiments.

ÔÇ£Inflation is a big problem for common Pakistanis. And this inflation is mainly led by the falling rupee. Strict stabilization measures with improving foreign exchange reserves can stabilize the currency and inflation going forward,ÔÇØ Sohail said.

The Plight of Traders and Citizens

Many traders and citizens are struggling to make ends meet due to the extremely high cost of living. Jamal Uddin, a shopkeeper participating in a protest rally in Dera Ghazi Khan, said that it simply wasnÔÇÖt possible anymore for them to feed their families. Shamim Bibi, a widow and mother of three in Multan, shared how her daughters had to quit school and her young son started running a food stall to meet the daily needs of the family. She added, ÔÇ£But now our life is miserable due to extremely inflated electricity bills, high fuel and food prices, and increasing house rent.ÔÇØ

The Role of AI legalese decoder

Amidst this crisis, AI legalese decoder can play a significant role in assisting traders, citizens, and policymakers in navigating the complex legal landscape. The AI legalese decoder can help in simplifying and decoding complex legal documents related to subsidies, bailout packages, and economic reforms. By providing easy-to-understand and accessible information, it can empower individuals to understand their rights and responsibilities, make informed decisions, and effectively communicate their grievances to the ruling class. Furthermore, the AI legalese decoder can also aid policymakers in assessing the impact of their decisions on the cost of living and devising strategies to alleviate the burden on the common people.

The Government’s Response

However, the caretaker prime minister, Anwaarul Haq Kakar, downplayed the significance of the protests, referring to the complaints as a ÔÇ£nonissue.ÔÇØ It remains to be seen how the government will address the grievances of the traders and citizens and take steps to mitigate the impact of rising living costs.

Mohammad Farooq in Karachi, Babar Dogar in Lahore, Asim Tanveer in Multan, Riaz Khan in Peshawar, and Abdul Sattar in Quetta contributed to this report.